Peapack-Gladstone Financial (NASDAQ:PGC) Shares Gap Down – Time to Sell?

Peapack-Gladstone Financial Co. (NASDAQ:PGC)’s share price gapped down before the market opened on Monday . The stock had previously closed at $30.63, but opened at $29.68. Peapack-Gladstone Financial shares last traded at $29.68, with a volume of 3,184 shares.

Analyst Upgrades and Downgrades

Separately, Keefe, Bruyette & Woods reissued an “outperform” rating and issued a $32.00 price objective (up from $28.00) on shares of Peapack-Gladstone Financial in a report on Monday, July 29th.

Peapack-Gladstone Financial Trading Down 2.4 %

The business has a 50 day simple moving average of $27.30 and a 200-day simple moving average of $24.82. The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.98 and a current ratio of 0.98. The stock has a market capitalization of $514.86 million, a P/E ratio of 13.33 and a beta of 0.99.

Peapack-Gladstone Financial (NASDAQ:PGC) last announced its quarterly earnings data on Tuesday, July 23rd. The financial services provider reported $0.42 EPS for the quarter, meeting analysts’ consensus estimates of $0.42. The company had revenue of $100.79 million during the quarter, compared to the consensus estimate of $56.80 million. Peapack-Gladstone Financial had a return on equity of 5.91% and a net margin of 8.50%. On average, analysts predict that Peapack-Gladstone Financial Co. will post 1.75 EPS for the current year.

Insider Activity

In other news, EVP John P. Babcock sold 10,000 shares of the stock in a transaction on Thursday, September 5th. The stock was sold at an average price of $26.89, for a total value of $268,900.00. Following the completion of the sale, the executive vice president now owns 52,155 shares in the company, valued at $1,402,447.95. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 7.63% of the company’s stock.

Institutional Trading of Peapack-Gladstone Financial

Several hedge funds and other institutional investors have recently modified their holdings of PGC. Vanguard Group Inc. increased its position in Peapack-Gladstone Financial by 1.1% during the first quarter. Vanguard Group Inc. now owns 903,093 shares of the financial services provider’s stock worth $21,972,000 after buying an additional 9,991 shares during the last quarter. Boston Partners increased its position in Peapack-Gladstone Financial by 1.6% during the first quarter. Boston Partners now owns 762,659 shares of the financial services provider’s stock worth $18,339,000 after buying an additional 12,226 shares during the last quarter. Wellington Management Group LLP increased its position in Peapack-Gladstone Financial by 4.5% during the fourth quarter. Wellington Management Group LLP now owns 564,178 shares of the financial services provider’s stock worth $16,824,000 after buying an additional 24,083 shares during the last quarter. American Century Companies Inc. increased its position in Peapack-Gladstone Financial by 15.3% during the second quarter. American Century Companies Inc. now owns 275,576 shares of the financial services provider’s stock worth $6,242,000 after buying an additional 36,564 shares during the last quarter. Finally, Salzhauer Michael increased its position in Peapack-Gladstone Financial by 5.1% during the second quarter. Salzhauer Michael now owns 152,339 shares of the financial services provider’s stock worth $3,450,000 after buying an additional 7,429 shares during the last quarter. 72.75% of the stock is currently owned by hedge funds and other institutional investors.

About Peapack-Gladstone Financial

Peapack-Gladstone Financial Corporation operates as the bank holding company for Peapack-Gladstone Bank that provides private banking and wealth management services in the United States. The company operates in two segments, Banking and Peapack Private. It offers checking and savings accounts, money market and interest-bearing checking accounts, certificates of deposit, and individual retirement accounts.